Core Concepts Part 5 - Economics

Which type of economic system has the highest level of government control?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

Most societies have which type of economic system?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which of the following are ways to increase economic development?

• Encouraging more farming

• Investing in education and training

• Establishing price controls

• Lowering wages

A developed country is likely to have which of the following?

• Less-productive economy

• Lower standards of living

• A strong economy

• Lower productivity

Which describes the type of buying and selling that takes place within a country?

• Free trade

• International trade

• Tariff

• Domestic trade

Which of the following is a likely result of trade barriers?

• Protection of domestic producers from competition

• Lower prices

• More choices

• Increase in imports

Which of the following is one of the three basic economic questions?

• What has been produced in this region in the past?

• Why should these goods and services be produced?

• How should goods and services be produced?

• What should I buy this week?

Why do businesses make products for consumers to buy?

• Because of the three basic economic questions

• Because of economic incentives

• Because of opportunity costs

• Because supplies have decreased

Where do producers and consumers exchange goods and services?

• In a revenue

• In specialization

• In a recession

• In a market

Competition between buyers and sellers affects product price, quality, and

• profit.

• marketing.

• inflation.

• recession.